Commerce

Summary

Commerce related careers are a backbone to all other careers, which take care of the functional processes of an organization in terms of accounting, finance, banking, auditing, taxation, and various other tasks. To pursue this field, an individual requires to have an inclination towards the affairs of corporate finance and/or stock markets as well as inner financing. The growing Indian Economy is opening immense opportunities in the Commerce field particularly in sectors like accountancy, business administration, e-commerce, taxation as well as international economics. Also with the liberalization, Indian economy has opened up capital market for foreign investors along with domestic investors. Many employment opportunities have been generated for individuals in the field due to the heavy flow of capital into the capital markets.

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Career Opportunities in Commerce

Chartered Accountancy is one of the most looked-after and respected career option in India, particularly in the commerce sector, with endless opportunities in the private as well as the public sector. A Chartered Accountant (CA) is concerned to ensure that the financial transactions of an organisation are maintained according to the law. They also keep track of the cost of management of the company and manage tax matters, and are involved in providing the professional opinions to a fiscal decision in a firm. The work-profile of a chartered accountant is enormous, varying from finance management, financial controlling, financial advisory or being a director. Cost accountancy is one of the most flourishing field in this discipline. A person can also explore the career in CFA (Chartered Finance Accounting) and look forward to becoming a Portfolio or a Risk Manager.

Banking, today, is a calling career for enthusiasts in the field of commerce and accounts. It is a crucial step towards understanding the global economy as well as discovering the challenges of the marketplace. This field has tremendous opportunities in local, national and foreign banks. Moreover, this field is concerned with accepting and safeguarding monetary funds in both private and public banks.

A career in business finance encompasses a concern related to the monetary information in terms of increasing profit and minimizing financial risks. Business finance covers a wide variety of opportunities such as global finance, budget analysis, property management and financial forecasting. Thus, this discipline revolves around the capital funds and other valuable assets.

Management as a career includes a wide variety of options which may stretch across any sector or industry involving planning, organizing, directing or monitoring an organization to achieve their goals. The roles of the management person involve decision making, interpersonal coordination or handling information.

This discipline is concerned with the review of financial records to determine the tax liability, revenue mobilisation as well as managing resources for National Budgets for effective functioning of the macroeconomic management. In addition, the individuals also aid interventions to support revenue mobilisation for growth and improvement of tax policies.

Marketing careers are a link between the organization and customers and the field is best for people who like to strategize and identify patterns and trends. Given India?-?s flourishing corporate growth, a career in marketing is lucrative. The various marketing job profiles include - project managers, marketing managers, market analysts, sales managers, etc., identifying the need and potential markets for products or services, developing products, formulating a pricing and sales strategies for business growth to increase profitability and maintaining public relations.

The Capital Market is involved with the trading of the financial securities like bonds, stock, etc. The money is being channelled from savers and depository institutions to the borrowers and investees through various modes of securities like bonds, notes and shares.

Company Secretary (CS) in the industry deals with a wide range of opportunities in terms of finance, accounts, legal, personel and administration of a company acting as an executive adviser, helping the board to mold governance principles and practices in order to fulfil the essential needs for the effective functioning of the organisation. A CS is a specialist professional relating to company laws.

Individuals with the field of commerce can also join Civil Services or, in particular, the Indian Economic Services/Indian Statistical Services. Moreover, they can also pursue Law, design, defense or opt for being professors

Important Facts

Most colleges have an eligibility criteria of minimum 50% aggregate marks in Class XII

Some Colleges/University also have an age limit.

English and Maths are mandatory subjects in some colleges.

For CFA, one should be in the final year of your bachelor's degree program at the time of registration or have four years of professional work experience (does not have to be investment related) or have a combination of professional work and college experience that totals at least four years.

Develop marketing strategies and be involved in selling of products to target customers

Identify places to cut costs and to improve performance, policies and programmes

Carry out research and data collection to understand the organization and its customers

Gather requirements from the customer and other stakeholders to prepare project report

Conduct market research and analysis

Solve day to day business problems

Act as change agent

Designate tasks and responsibilities to employees with the specific skill sets needed to complete the tasks

Pros & Cons of a Career in Commerce

Pros

Commerce, in India, is one of the most sought after streams today. With growing economy worldwide, professionals with background in commerce are in great demand in colleges and universities, banks, rating agencies, securities firms etc. Some of them can pay managers, businessmen in 6 figures. They have a high ability to influence the standard of living of an average man on the street.

An experienced & knowledgeable one can talk his way out & gain respect from people from all walks of life.

They are better informed of the complexities in the world.

Cons

A career in commerce has a wide scope, however, it’s not everyone’s piece of pie. One has to be in the know-about of all economic events happening in the world, be consistent throughout the graduation and post-graduation period and even after their studies are completed.

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